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Also, there are ways of structuring corporate gifts better to limit taxes paid on them, so they shouldn't really be using that method. But that's sorta here nor there.
Just as Planned.
Oh ok, I see what they did, they counted the FREE IPAD in as de facto Income paid to the employee. rather than a gift. So then they pass through income tax, but not gift tax.
Just as Planned.
America and it's silly raping of it's citizens 
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An invasion of armies can be resisted, but not an idea whose time has come. Victor Hugo
Timelordwho wrote:
Tyrrant wrote:
Co-worker of mine won an Ipad at work the other day, He didn't know you have to pay tax on it, part time employee paying 40% tax on a $600 device is funny.
Gift taxes are imposed on the donor, not the receiver. If the company told the employee they needed to pay that tax, it would constitute fraud, unless the receiver voluntarily agreed to pay the tax, in lieu of the other party, in which case it can't be soaked by the annual exclusion limit. (since otherwise it would be such an easy way to do hilarious amounts of tax chicanery.)
IIRC, the donor org can't hinge the receipt of the gift on agreeing to pay the tax, but I'm not 100% on that.
Yeah you can decline the item if you want but the gift tax is paid by the receiver of the item. So what happens is they receive an item, shows up on check as a deduction of whatever 40% of the worth is and that is it. I won a $400 gift card a few months back, $160 in taxes taken out, still is $240 worth of a gift card I didn't have before and it is buying me a hell of a lot of gas. And I am pretty sure a company as big as Comcast wouldn't be doing this illegally since in the last 4 months they have given away around 30 of the Ipads and about 200 gift cards ranging from $100 - $500 to my location alone.
Tyrrant wrote:
Timelordwho wrote:
Tyrrant wrote:
Co-worker of mine won an Ipad at work the other day, He didn't know you have to pay tax on it, part time employee paying 40% tax on a $600 device is funny.
Gift taxes are imposed on the donor, not the receiver. If the company told the employee they needed to pay that tax, it would constitute fraud, unless the receiver voluntarily agreed to pay the tax, in lieu of the other party, in which case it can't be soaked by the annual exclusion limit. (since otherwise it would be such an easy way to do hilarious amounts of tax chicanery.)
IIRC, the donor org can't hinge the receipt of the gift on agreeing to pay the tax, but I'm not 100% on that.
Yeah you can decline the item if you want but the gift tax is paid by the receiver of the item. So what happens is they receive an item, shows up on check as a deduction of whatever 40% of the worth is and that is it. I won a $400 gift card a few months back, $160 in taxes taken out, still is $240 worth of a gift card I didn't have before and it is buying me a hell of a lot of gas. And I am pretty sure a company as big as Comcast wouldn't be doing this illegally since in the last 4 months they have given away around 30 of the Ipads and about 200 gift cards ranging from $100 - $500 to my location alone.
I'm still unclear as to which type of tax they are assessing, but it's not a gift tax.
Just as Planned.
Timelordwho wrote:
Tyrrant wrote:
Timelordwho wrote:
Tyrrant wrote:
stuff
more stuff
junk
and crap
I will find my paystub and see what it shows and get back to ya on it.
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